Worries over global economic growth were set to thwart Wall Street's run to record highs on Monday. Stock futures pointed to a slightly lower open on Monday. IHS Markit data showed Germany's manufacturing activity hit its lowest level in more than 10 years. Overall, the euro zone's services sector grew at its slowest pace in eight months while manufacturing activity hit a more than six-year low. Stocks snapped a three-week winning streak on Friday. The data comes as China and the U.S. try to strike a trade deal.
Senior Chinese trade officials said Saturday that discussions with the U.S. last week were "constructive," according to China's state-run news agency Xinhua. The officials said both sides "agreed to maintain communication." U.S. officials echoed China's sentiment, saying in a statement that talks were "productive." Both countries are set to hold formal trade negotiations early next month.
CNBC learned through a source that Masayoshi Son, the head of Japanese conglomerate SoftBank, is in favor of WeWork CEO Adam Neumann's removal from his post. SoftBank is WeWork's largest outside shareholder. The news, which was first reported by The Wall Street Journal, comes after WeWork postponed its initial public offering. The real-estate start-up's valuation may have fallen to less than $15 billion, according to a report from CNBC's David Faber earlier this month. WeWork's valuation in the private market was as high as $47 billion.
Stocks have recently challenged the records set in late July, with the S&P 500 about 1.2% below its all-time high. But some investors wonder if this move can be trusted, writes Michael Santoli. The next three weeks have historically been among the most volatile in the calendar for stocks. Investors will also grapple with the back and forth between U.S. and Chinese trade officials as negotiations continue. To be sure, there are signs the move up may be trustworthy. A running count advancing versus declining NYSE stocks hit a record high last week. This often precedes new highs for the market.
Bob Iger, Disney's chief executive, said in an interview with The New York Times that the media giant walked away from a deal to buy social media company Twitter. Iger said Twitter was a "compelling" way to reach consumers. However, he said the Twitter's trouble "were greater than I wanted to take on, greater than I thought it was responsible for us to take on," adding: "The nastiness is extraordinary." Twitter has been trying curb harassment on its platform from so-called trolls.